A story from Tracy · Albuquerque, New Mexico
A heartwarming home story for a deserving Vet
A few years back, I met with first time buyers looking for their first ever home purchase. They were on their second marriage for both of them, as they were both widowed. He was a combat vet, and they were up in their years. Yes, they were each around 80 years old.
Watch Tracy tell the story
2 min 19 sec
We searched for the perfect single story home in a comfortable price range. After looking at several homes at a time, we found ‘the one”. It was new construction and the builder included a stainless steel fridge, blinds, plus a washer and dryer. They were amazed that their first home would be so fancy. Because of his military service, the builder also gave them an extra $2000 towards their closing costs!
After they signed the purchase agreement at the builders office, we went back to the house for them to take another look. I wish everyone could experience what I saw. This sweet couple got to the kitchen, and he turned and looked at his bride with tears streaming down his face, welcoming her to their new home. They shared a long embrace and a kiss, as they both had tears streaming down their faces.
His VA loan let him buy this house with around $500 of his own money, since Veterans qualify for a 100% loan to buy a house. What an honor it was to assist them in becoming first time home owners! And what an honor to be present as they shared their joy and excitement.
There are things to know as a VA buyer in the Albuquerque area. We’ve helped many Veterans take advantage of their benefits for serving in the military. We have some great local lenders who give extra perks to Veterans, sometimes including better interest rates or reduced closing costs. If you are a veteran and don’t know about this loan program, we can guide you. We can also help you in getting your VA certificate of eligibility to be ready to buy a home. As this shows, it’s never too late.
Read the infographic text
- No down payment may be possible. Subject to entitlement, lender approval and the home’s appraised value.
- No monthly PMI. VA-backed loans do not require private mortgage insurance.
- Start with your COE. Your Certificate of Eligibility confirms eligibility based on service.
- Plan for closing costs. No down payment does not mean no cash to close.
- Ask about the funding fee. A one-time fee may apply. Some borrowers are exempt.
- Lender approval still applies. Credit, income and occupancy requirements must be met.
VA loan quick guide
The benefit, beyond the story.
Eligible borrowers may be able to buy without a down payment. Credit, income, occupancy, entitlement and appraisal requirements still apply.
Closing costs and a VA funding fee may apply; some borrowers are exempt from the funding fee. Tracy’s account of around $500 out of pocket describes that specific purchase.
Sources & Further Reading
- VA-backed purchase loan benefits
- VA loan eligibility requirements
- Request a Certificate of Eligibility
- Funding fee and closing costs
The information here is general education. Your lender can explain the terms and requirements for your situation.
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